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☆ Gen Z's key to financial security
▼ + stars: | 2024-04-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGen Z's key to financial securityYoung adults in the U.S. - ages 18 to 34 - are more likely than any other generation to say that "owning my own business" is key to their financial security, according to a new cnbc global your money survey. As part of its financial education initiative, CNBC, in partnership with Junior Achievement, brought together business leaders to discuss founding a company as a possible career path. CNBC'S Senior Personal Finance Correspondent looks at how this career exploration program in Denver aims to inspire high school students to become entrepreneurs.

Organizations: cnbc, CNBC, Junior Locations: U.S, Denver

☆ 2 certified divorce financial advisors share 4 mistakes to avoid when it comes to dividing assets and money planning after marriage
▼ + stars: | 2024-04-05 | by ( William Edwards | ) www.businessinsider.com time to read: +3 min

That's why the duo, who are both certified divorce financial advisors, launched Divorce Friday, a financial education blog for those going through a split. "I know that women need more help when they're going through a divorce. Through the years, Pappas and Chen have seen some common mistakes that divorcees make when divvying up assets. "If they're going to be single now, the tax rate is effectively higher, so they're going to have less income with a higher tax rate, and that is a problem." 2024 federal income tax brackets

Persons: Diane Pappas, Chris Chen, Pappas, there's, it's, Chen Organizations: Census, Centers for Disease Control, Business Locations: State, New York

☆ I saved $100,000 by 25 thanks to the good financial habits my mom and dad gave me. Here are my top tricks.
▼ + stars: | 2024-04-05 | by ( Aleenah Ansari | ) www.businessinsider.com time to read: +5 min

Money gave me the freedom to leave a toxic job, travel to Europe, and launch my career as a financial advisor. When I set out to save $100,000, I was 22, living in Seattle in 2016 and making $55,000 at my first corporate job. Saving $100,000 was a combination of privilege and hard work. I felt confident I could launch a successful financial education platform and take my financial education business, "Her First $100k," full-time. I wouldn't have hit my $100,000 goal as quickly if I hadn't routinely invested in these accounts.

Persons: Tori Dunlap, Roth, there's Organizations: Service, Business Locations: Seattle, Europe, Costa Rica

☆ Walmart, Chipotle are splitting the wealth of a record stock market in a way they haven't in decades
▼ + stars: | 2024-03-31 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +9 min

For Chipotle, it's the first stock split in the company's 30-year history, and its announcement echoed Walmart's. Both are hoping, through the availability of an employee stock purchase plan and financial education, they'll get more workers to invest. Chipotle, even further out on the market chart, has shares nearing $3,000 — its stock split is to be effective June 26. ESPP versus fractional sharesEven without a stock split, employees could have already purchased shares of their company, or at least fractional shares, through a brokerage account. Company stock and financial educationSplitting a stock and having a generous ESPP can only go so far when it comes to encouraging employees to buy the company stock.

Persons: they'll, Michael Kestenbaum, Chipotle, Dan Kapinos, Clemens Kownatzki, Aalap Shah, Pearl Meyer, SoFi, Kownatzki, Larry Fink, Kestenbaum Organizations: Walmart, Companies, West Coast, Google, Pepperdine Graziadio Business, Khan Academy, Lyra Health Partners, Bank of America, Employees Locations: Aon

☆ Influencer Tori Dunlap is spurring women to maximize their savings and invest in the stock market
▼ + stars: | 2024-03-28 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Sarah WolfeAs Tiffany Mane read a personal finance book during her train ride to work, a woman sitting near her acknowledged that she, too, knew of the author. And there's a cyclical effect at play: Women utilize Dunlap's resources to improve their financial lives, and then share the information with others. A 2021 survey from NerdWallet showed women were less likely to be invested in the stock market than their male counterparts. "This kind of identity-focused personal finance is 100% necessary, and is the future of personal finance." In that group, members share financial wins and trade advice on topics like which banks or credit cards to use.

Persons: Sarah Wolfe, Tiffany Mane, Mane, Tori Dunlap, Dunlap, isn't, She's, Annamaria Lusardi, Lusardi Organizations: D.C, Finance, Facebook, Stanford Institute for Economic Policy Research, Global Financial Locations: Washington, York, NerdWallet

☆ How to beat the retirement crisis: The founder of America's top wealth advisor explains how to properly save, and shares 2 sectors that could expedite returns if you're not on track
▼ + stars: | 2024-03-26 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

But let's say you're 30 years old and haven't started stashing money away; you may have difficulty getting there. And as a result of this, if you're going to live during a 30 or 40 year retirement. In Edelman's opinion, you're late to the game if you're over 25 and haven't started saving and investing. When people do set money aside, it's often in the wrong places, such as bank savings, money market accounts, and government bonds, Edelman said. All of this might sound complicated for a beginner, but diversification can be achieved through exchange-traded funds (ETFs), Edelman noted.

Persons: haven't, Ric Edelman, Barron's, Edelman, it's, aren't, Franklin Templeton Organizations: Federal Reserve, Edelman, New York Times, Trust, Vanguard Locations: America

☆ BlackRock's Larry Fink sees Social Security crisis, says 65 retirement age 'a bit crazy'
▼ + stars: | 2024-03-26 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

He said access to investing can help solve this conundrum, while also pondering if the expectation for everyone to receive Social Security benefits at age 65 has become archaic. Worsening the outlook is a Social Security system that's said it will not be able to pay full benefits by 2034. The 71-year-old believes the American retirement system has entered such a deep crisis that it has become a once-in-a-generation issue. That's because this both can benefit individuals and help ensure the long-term health of Social Security. Increasing lifespans create further difficulties when trying to improve the retirement system, Fink said.

Persons: Larry Fink, Fink, that's, it's, — Organizations: BlackRock, Social, Census Bureau, Security, Social Security Locations: America, Ottoman Empire

According to financial coach Hillary Seiler, you still need to spend less than you earn, even if that requires adjusting your budget. To make it from paycheck to paycheck, many are finding themselves spending more money and carrying credit card debt. "People never want to hear this one piece of advice, but it's important to spend less than you earn in any economic environment, but especially now." AdvertisementHere are three ways to start spending less than you earn:1. Review and adjust your spending habitsLook at how you spend your money. "You can earn more interest on your money now, and that will help it grow much quicker."

Persons: Hillary Seiler, Hilary Seiler, Seiler, doesn't Organizations: Business

☆ Overcome Hidden Obstacles to Achieve Prosperity
▼ + stars: | 2024-03-05 | by ( Kate Rogers | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOvercome Hidden Obstacles to Achieve ProsperityWhen it comes to managing their money, women commonly use the word "fear," and describe feelings of overwhelm and intimidation. This best-selling author and founder of one of the largest financial education platforms for females, will discuss closing the confidence gap, how women can discover what stands between them and creating the life they want, and why prosperity can take on many different meanings.

☆ 35 states require personal finance course to graduate high school, survey finds
▼ + stars: | 2024-02-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email35 states require personal finance course to graduate high school, survey findsNan Morrison, Council for Economic Education president and CEO, joins 'Squawk Box' to discuss results from its latest 'Survey of the States', which examines financial education and literacy across the country.

Persons: Nan Morrison Organizations: Economic Education, Survey

☆ Once you hit this credit score, banks will 'fall all over themselves' to work with you, says money expert—it's not a perfect 850
▼ + stars: | 2024-02-24 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

It may be hard to imagine digging yourself out of $100,000 in credit card debt and boosting your credit score by 400 points. Khalfani-Cox boosted her credit score from the low 400s to a perfect 850 after spending three years paying down her debt. Although her credit score sits at 806 as of the last report date on Jan. 20, she says she still receives the same benefits as when she had a perfect 850. That's because Khalfani-Cox's most recent score still places her in the "exceptional" credit score category. "Once you're in the perfect credit scoring range, banks are going to fall all over themselves to do business with you."

Persons: Lynnette, Cox Organizations: New York Times, Resilience, CNBC

☆ You can put a price tag on the value of a personal finance education: $100,000
▼ + stars: | 2024-02-17 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Taking a financial education class in high school does pay off. In fact, there is a lifetime benefit of roughly $100,000 per student from completing a one-semester course in personal finance, according to a recent report by consulting firm Tyton Partners and Next Gen Personal Finance, a nonprofit focused on providing financial education to middle and high school students. Much of that financial value comes from learning how to avoid high-interest credit card debt and leveraging better credit scores to secure preferential borrowing rates for key expenses, such as insurance, auto loans and home mortgages, according to Tim Ranzetta, co-founder and CEO of Next Gen. "Students bring these lessons home," Ranzetta said. "When you take that $100,000 in savings and multiply it across families and communities, it's an incredible economic engine."

Persons: Tim Ranzetta, Ranzetta, isn't, Kerri Herrild Organizations: Tyton Partners, Finance, Biden, De Pere High School Locations: Wisconsin

☆ Gen Z prefers paychecks over promotions, survey says
▼ + stars: | 2024-02-06 | by ( Allie Kelly | ) www.businessinsider.com time to read: +4 min

Advertisement"Since 2021, Gen Z has been living with rates of inflation not seen in the US in decades," the Standard reported. AdvertisementAccess to loans, a strong 401(k) retirement account, and reliable insurance coverage are benefits that Gen Zers expect from employers. Over 90% of Gen Zers and millennials said they're considering leaving their jobs, per a 2023 LinkedIn survey. AdvertisementBy offering intentional tools toward sustained economic stability, The Standard said companies will have better luck recruiting and retaining Gen Z workers. Are you a Gen Z worker and willing to share details about your economic stability goals and how you plan to achieve them?

Persons: —, Zers, Gen Z, Gen Zers, X, millennials Organizations: Service, Business, Bureau of Labor Statistics, Standard Locations: homebuying

watch nowHigh schools have been buzzing about financial education. They earned an "A" because in those states, high school graduates in the class of 2023 were required to have taken a personal finance course before graduation. Studies show personal finance education can make a significant difference in young adults' financial behaviors, from improving credit scores and lowering loan delinquency rates to reducing payday lending and helping students make better decisions about college loans. A few states still have 'virtually no requirements'Meanwhile, four states — California, Connecticut, Massachusetts and South Dakota — as well as Washington, D.C., got failing grades, receiving "F"s in this report because they have "virtually no requirements" for personal finance education in high school. Still, advocates in "failing" states, such as California, are working to change the laws to ensure students are guaranteed financial education.

Persons: Virginia —, John Pelletier, Champlain, " Pelletier Organizations: Center for Financial, Champlain College, Champlain College's Center, Financial, South Dakota —, D.C Locations: Burlington , Vermont, — Alabama, Iowa , Mississippi , Missouri , Tennessee , Utah, Virginia, U.S, — California , Connecticut , Massachusetts, South Dakota, Washington, California

☆ More States Now Require Financial Literacy Classes in High Schools
▼ + stars: | 2023-12-01 | by ( Ann Carrns | ) www.nytimes.com time to read: +2 min

Requiring all students to take a financial literacy course can help reduce such inequality, Mr. Pelletier said. Carly Urban, a professor of economics at Montana State University who studies financial literacy, said that discussions about what topics should be taught in classrooms are often bitterly divisive, but state legislators appear to be finding common ground supporting high school financial instruction. Most American adults said they wanted their states to require a semester- or yearlong financial course to graduate from high school, according to a 2022 poll from the National Endowment for Financial Education. Over the years, questions have arisen about whether high school financial literacy classes are effective. High school financial instruction, she said, “overwhelmingly” improves credit scores, lowers loan delinquency rates and reduces the use of risky services like payday lending.

Persons: —, Pelletier, Carly Urban, Urban, “ Organizations: FINRA Investor Education Foundation, Financial Industry Regulatory Authority, Montana State University, National Endowment, Financial Education, Champlain College

☆ Here's how three educators are teaching financial literacy in Nashville-area schools
▼ + stars: | 2023-11-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Michael Morrow Courtesy: Michael MorrowAs Americans grapple with economic uncertainty, educators in Nashville, Tennessee, are preparing high school and middle school students with personal finance courses that many of their parents never had. Currently, 23 states, including Tennessee, guarantee at least one semester of personal finance before high school graduation, according to Next Gen Personal Finance. 'I think it's going to be life-changing for them'Teresa Helms Courtesy: Teresa HelmsWhile personal finance isn't required for middle school students, Teresa Helms, 45, recently began teaching My Classroom Economy, a financial literacy program. Since 2018, nearly 8,900 Tennessee students have used My Classroom Economy and more than two-thirds of teachers have reported a boost in students' financial skills, according to the Tennessee Financial Literacy Commission's 2022 annual report. Shelly Lott Educator at Northeast Middle School

Persons: Michael Morrow, It's, Morrow, Teresa Helms, I'm, Helms, Shelley Lott, Shelly Lott, Lott Organizations: Finance, Tennessee, Southeast High School, Financial, Rose Park Middle School, Northeast Middle, Middle Locations: Nashville , Tennessee, Tennessee, Alabama , Iowa , Mississippi , Missouri, North Carolina , Utah, Virginia, Nashville, Clarksville , Tennessee

☆ The Best Savings Accounts for Kids and Teens
▼ + stars: | 2023-11-22 | by ( Kerri Anne Renzulli | ) www.wsj.com time to read: +11 min

Best overallCapital One Kids Savings Account Learn MoreAge to open: under 18Interest rate: 2.5%, with no cap$0 to openNo maintenance feesWhy we picked it:Capital One’s Kids Savings Account delivers everything a parent could want in a place to stash their child’s funds: It’s easy to use, fee-free, and generously rewards kid savings of any size. On your child’s 13th birthday, the account will be converted into a MyLife Teen Checking or MyLife Savings account. Older savers should consider our best overall pick, the Capital One Kids Savings Account, or our choice for best teen savings account, the MySavings Youth Account from Chevron Financial Credit Union and Spectrum Credit Union. For instance, a kid with $2,500 in the account would net $81 in a year vs. only $63 with Buy Side from WSJ’s best overall pick, Capital One’s Kids Savings account. Also worth noting: Alliant’s adult offering, the High-Rate Savings account, is Buy Side from WSJ’s top choice for a credit union savings account thanks to its identical 3.1% payout and lack of fees.

Persons: Kerri Anne Renzulli, don’t, One’s, USAlliance, Best, Foster, Alliant, Cookie, Elmo Organizations: Capital, Capital One’s, Financial, Union MyLife Savings, Savings, Kids, American Consumer Council, Chevron Financial Credit Union, Spectrum Credit Union, Chevron Federal Credit Union, Chevron Corporation, Bechtel Corporation, Federal, Foster Care, Bank, PNC Bank’s, PNC, D.C Locations: Washington

☆ 3 young millionaires share the one index fund they'd invest in — plus the early mistake that could cost investors six figures in their retirement funds
▼ + stars: | 2023-10-19 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

People often turn to index funds or exchange-traded funds to simplify investing while getting exposure to diverse assets. According to an expense ratio calculator, the same setup would cost $8,278 with an expense ratio of 0.04%. It was money he would decide to scatter across nine index funds to diversify his portfolio. In 2019, he started the Personal Finance Club, which offers free and paid content about index fund investing. She sticks to one fund: the Vanguard 500 Index Fund ETF (VOO), which tracks the S&P 500 and is rebalanced quarterly to include the top 500 domestic companies.

Persons: Michael Quan, Quan, Jeremy Schneider, Treasuries, Schneider, Vivian Tu, she's, Rich, Tu Organizations: Investment Company Institute, Vanguard FTSE, Market, Fund, Finance Club, Fidelity, Street, JPMorgan Locations: Canada, Europe, Japan, New York City

The surge comes as educators are scrambling to bolster students’ math skills, which plummeted during the pandemic and haven’t fully recovered. Advocates say personal finance courses could pay dividends if students learn how to make wiser money decisions and avoid financial hazards. “The more math you add to financial literacy, frankly, the better it is,” says Annamaria Lusardi, founder and academic director of the Global Financial Literacy Excellence Center. ... Having said that, financial literacy is more than math.”Idaho is one of the states where a new financial literacy curriculum is hitting classrooms. In 2020, the NAACP issued a resolution calling for more financial literacy programs in K-12 schools.

Persons: Bryan Martinez jots, ” Martinez, Tonica Tatum, Gormes, ” Tatum, “, ”, Annamaria Lusardi, weren’t, Debbie Critchfield, aren’t, Laina Cox, Tatum, Martinez, who’s, ___ Sadie Dittenber Organizations: WASHINGTON, Capital, Associated Press, Christian Science Monitor, Dallas Morning News, Idaho Education, Courier, The Seattle Times, D.C, Council for Economic Education, Global Financial, “, Advocates, NAACP, Finance, Capital City Public Charter School, Carnegie Corporation of New, AP Locations: Capital City, Idaho, South Carolina, The Washington, Idaho’s, Carnegie Corporation of New York

☆ Mintago helps employers provide better financial support to their staffers. It just raised $4.75 million with this 11-slide pitch deck.
▼ + stars: | 2023-09-25 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +1 min

A startup that helps employees manage their financial wellbeing has raised $4.75 million in fresh funds. Mintago also provides financial education programs, online savings tools, plus access to financial advisors and debt counselors. The startup works with businesses like Oddbox, Chilly's, Olio, and Superscript and is regulated by the FCA. Mintago's funding round was led by BlackLion Ventures alongside Love Ventures and Cur8 Capital. The company started the process of raising capital in November 2022, emphasizing its thesis around the combination of fintech and wellbeing, Cao said.

Persons: Mintago, Chieu Cao, Cao Organizations: FCA, BlackLion Ventures, Love Ventures, Cur8 Locations: London

☆ Delta's emergency savings initiative offers workers up to $1,000 each. Here's how it works
▼ + stars: | 2023-09-23 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

The airline will then match up to $250 of an employee's contributions made with payroll deductions to that account for a total of $1,000. When the economy stalled, Delta workers tapped roughly $1 billion in hardship withdrawals from their retirement accounts, Bryant said. "I didn't have a strategy in place on how to save money," said Loretta Day, a Delta flight attendant based in Atlanta. But it didn't take long for Day, 51, to practice better money habits once she completed a financial education class, she said. With the additional support, workers "are going to come in earlier, stay longer and go the extra mile," Bryant added.

Persons: Jeff Greenberg, John Hope Bryant, Bryant, Loretta Day, Kelley Elliott, Fidelity's Taylor, Douglas Boneparth Organizations: Delta Air Lines, Hartsfield, Jackson Atlanta International Airport, Universal, Getty, Delta, Fidelity Investments, Employees Locations: Delta, Atlanta

☆ What Is the 50/30/20 Rule?
▼ + stars: | 2023-09-07 | by ( Kevin J. Ryan | ) www.wsj.com time to read: +7 min

Perhaps the most popular method is the 50/30/20 rule, which is a simple and effective way to take control of your money. The 50/30/20 budget rule was popularized by Sen. Elizabeth Warren—then a Harvard Law professor—and her daughter, Amelia Warren Tyagi, in their 2006 book “All Your Worth: The Ultimate Lifetime Money Plan.” They called it a “good rule of thumb” for getting your budget in order. What is the 50/30/20 rule? Alternatives to the 50/30/20 budget methodOf course, no one budgeting method is for everyone. For example, like the 50/30/20 rule, the 70/20/10 rule also divides your after-tax income into three categories but differently: 70% for monthly spending (including necessities), 20% for savings and for 10% donations and debt repayment above the minimums.

Persons: Kevin J, Ryan, Sen, Elizabeth Warren —, —, Amelia Warren Tyagi, “ It’s, ”, Akeiva Ellis, Greg Giardino, “, “ You’ve, You’ve, Austin, Jordan Benold, that’s, it’s, There’s Organizations: Harvard Locations: Tarrytown, N.Y, San Francisco, New York, Frisco , Texas, you’ll

☆ Morgan Stanley launches financial literacy program for NIL agreements
▼ + stars: | 2023-09-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMorgan Stanley launches financial literacy program for NIL agreementsLarry Fitzgerald, former NFL all-pro wide receiver, Morgan Stanley's Sandra Richards, and CNBC's Frank Holland join 'Power Lunch' to discuss Morgan Stanley's financial education program for name, image, and likeness deals, attracting investment clients through NIL deals, and educating young people about how to thoughtfully manage contracts.

Persons: Morgan Stanley, Larry Fitzgerald, Morgan Stanley's Sandra Richards, CNBC's Frank Holland, Morgan Organizations: NFL

☆ Privacy, market maturity hurdles facing Brazil's CBDC rollout -cenbank official
▼ + stars: | 2023-08-29 | by ( Lisa Pauline Mattackal | ) www.reuters.com time to read: +2 min

Aug 29 (Reuters) - Maintaining privacy and increasing understanding of blockchain technology are primary issues to solve before Brazil's central bank digital currency (CBDC) is ready for widespread use, the central bank's coordinator of the project said on Tuesday. Named DREX, the digital real is set for a first phase launch aimed at financial institutions in May 2024, though postponed from an initial planned launch in February. "We need to ensure that the privacy is compatible with the law," he told the Reuters Global Markets Forum. Market maturity is another important issue to solve as the central bank wants businesses to develop new use cases for the technology, Araujo said. The Atlantic Council says 130 countries are in some process of exploring a CBDC, with 21 in the pilot stage.

Persons: Fabio Araujo, Araujo, Lisa Mattackal, Divya Chowdhury, Marcela Ayers, Lincoln Organizations: Machine, Banco Central, Reuters Global Markets, Atlantic Council, Bank for International, Thomson Locations: Brazil, Mexico, Singapore, Bangalore, Mumbai

Currently, the Western Alliance Bank High Yield Savings Account is the highest-yield savings account on Raisin. You can earn 5% or more with several savings accounts, including the Milli Savings Account, Betterment Cash Reserve, Newtek Bank High Yield Savings Account, and more. A high-yield savings account is a type of bank account that offers a higher interest rate than a traditional savings account. High-Yield Savings Account BasicsA savings account is an interest-earning bank account. A good high-yield savings account will likely be an account where you can grow your savings without unnecessary hassles."

Persons: you've, you'd, APY, you'll, Raisin, Milli, hasn't, FNBO, Primis, Synchrony, SoFi, Banks, Tania Brown, Roger Ma, Sophia Acevedo, Mykail James, BoujieBudgets.com, that's, it's, we've Organizations: Chevron, FDIC, Reading Chevron, Western Alliance, Mint, Milli, Mobile, National Bank of, Newtek Bank, Newtek, Popular Bank, Primis Bank, Virginia, Synchrony Bank, SoFi Bank, Green, Barclays, Barclays Bank, Member, Apple, Discover Bank, FDIC Discover, Discover, Better Business, Securities and Exchange, SEC, Cash, BBB, Raisin, UFB, Popular, Popular Direct, Google, First National Bank of, Primis, Synchrony, Security and Exchange, Savings, Better, Barclays doesn't, Securities and Exchange Commission, Federal, Federal Reserve, Federal Deposit Insurance Corporation, National Credit Union Administration, Governors, Finance Locations: National Bank of Omaha, Axos, Maryland, First National Bank of Omaha, California, Raisin, Chevron

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